GBP/JPY found support at 142.38 but should continue to be capped by resistance at 143.50 for renewed downside pressure through support at 143.50 for a decline to 140.81 on the way to the ideal target at 137.57.
A break above 143.50 will be of concern and indicate that wave iv has completed prematurely with the test of 140.81 and that wave v to at least 149.00 is developing.
R3: 143.77
R2: 143.50
R1: 143.28
Pivot: 142.90
S1: 142.56
S2: 142.38
S3: 142.15
Trading recommendation:
We are short GBP from 143.03 with our stop placed at 143.50. We will also buy GBP if 143.60 is broken.
